Payment Gateway Market to Grow 5.2 Trillion in 2021 at a CAGR of 11.2% | Valuates Reports

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08 Nov, 2022, 20:00 IST

BANGALORE, India, Nov. 8, 2022 /PRNewswire/ -- The Global Payment Gateway Market is Segmented by Type (Online Mode, Offline Mode), by Application (Retail, Catering, Medicine and Cosmetics, Others): Opportunity Analysis and Industry Forecast, 2022–2028.

Global Payment Gateway Transaction volume is about USD 5.2 Trillion in 2021, it will mark a CAGR of 11.2% in their forecast years.

Major Factors Driving The Growth Of the Payment Gateway Market:

Important factors that are projected to help the growth of the payment gateway market include increasing e-commerce sales and increasing internet penetration internationally.

Due to the rising use of various online payment methods such as credit cards, debit cards, net banking, and mobile wallets, the payment gateway market is expanding.

The expanding availability and popularity of high-speed internet will further drive the payment gateway market growth.

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TRENDS INFLUENCING THE GROWTH OF PAYMENT GATEWAY MARKET:

Online retail sales soared as e-commerce experienced a sharp boost during the COVID-19-induced movement limitations. Retailers are developing new strategies to profit from the at-home delivery and online shopping convenience economies. Payment gateways are playing a bigger role in the infrastructure of payments. In order for online shopping carts, point-of-sale systems, and virtual terminals to link to the payment process, they are a necessary connection point in the modern economy. This factor is expected to drive the growth of the payment gateway market.

The use of payment gateways over the past few years has been prompted by the increasing use of the internet and smartphones as well as a change in consumer preferences toward digital payment solutions. The need for these payment solutions will continue to rise in the upcoming years due to ongoing technology improvements, which will improve the outlook for the business.

The main factor driving the demand for local bank-integrated payment gateway is banks' growing adoption of digital technology. When doing a financial transaction, this payment gateway points users to banks where they can enter their financial information. This payment solution's quick and simple setup has accelerated its uptake in SMEs. Thus the mounting demand for local bank-integrated payment gateway is expected to drive the growth of the payment gateway market. 

To minimize long client lines, SMEs are very interested in using digital payment options. Additionally, because digital payments are quicker than traditional payment methods, these businesses can provide a better client experience. These payment methods assist SMEs in lowering risks associated with thefts that result from a breach in the physical protection of their facilities. This will further drive the growth of the payment gateway market. 

The COVID-19 pandemic has boosted payment gateway market expansion. This is due to consumers' rising desire for e-commerce, digital payments, speedy payments, and the displacement of cash.

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PAYMENT GATEWAY MARKET SHARE

Based on application, the retail segment is expected to be the most lucrative. The increase in online transactions in global retail and e-commerce firms is responsible for segment growth.

During the projected period, the Asia Pacific is anticipated to obtain a sizable revenue share in the payment gateway market. Many government initiatives in Asia Pacific nations to modernize the online payment infrastructure are credited with this increase.

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Key Companies:

  • PayPal
  • Stripe
  • Amazon Payments
  • net
  • WorldPay
  • Adyen
  • CCBill
  • 2Checkout
  • First Data
  • SecurePay
  • PayU
  • MOLPay
  • Paymill
  • GMO
  • Alipay
  • Tenpay
  • Ping++
  • Boleto
  • CashU
  • OneCard.

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